Spot gold jumped $100 intraday to $4,177.78/oz, up 2.47%.

Axios reported three people familiar with the discussions said the White House does not plan to publicly release the framework it has developed to evaluate advanced AI models; details will be provided only to firms participating in the review process. Firms not included in the process, policymakers, researchers and U.S. allies will not be told how the government plans to implement one of its key AI policies. The White House held a staff-level meeting with industry on Tuesday to discuss the finished framework; companies not invited still do not know its contents. It remains unclear which "trusted partners" would get early access to advanced models, including whether foreign governments would qualify. Sources said the meeting discussed open-source models and that NVIDIA staff participated.

Fed's Schmid said his focus remains on still-elevated inflation and that the Fed defines price stability as 2% inflation. He called June's slowdown encouraging but cautioned it is too early to rely on a single data point; volatile oil prices both boosted inflation in prior months and contributed to June's pullback. With oil prices rising again, any energy-driven easing is uncertain.